Having your business annual financial reports completed can be met with the same level of enthusiasm as a visit to the dentist. But there are number of very good reasons, beyond preparing a tax return, as to why business owners need to keep on top of their reporting.
Last financial year, the ATO evaluated 1.4 million SMBs against its risk detection systems, which led to 16,000 being investigated. Here’s how to plug your EOFY knowledge black spots and escape the attention of the tax office.
Did you know that this upcoming EOFY is one of the most compliance-heavy years we’ve seen in some time. Daunting, huh? Here’s a look at what you need to be aware of.
March is upon us again, and this means just one thing – tax season is near! Here’s what you should be doing now to prepare your business for the end of the financial year.
Unsuspecting small businesses are often in the sights of scammers around the end of the financial year, with the Australian Competition and Consumer Commission (ACCC) suggesting SMBs remain vigilant at this time of year.
With 30 June upon us, taxpayers are looking for opportunities to reduce their tax liabilities for the fiscal year, and according to Institute of Public Accountants senior tax advisor Tony Greco, small businesses should also not overlook the cash flow benefits of tax deferral opportunities.
Wrapping up the EOFY properly ensures businesses roll into the new financial year smoothly, and helps business owners put their best foot forward from the get go. With this in mind, RSM Bird Cameron has put together 12 tips for starting the 2011/12 financial year.
Nobody likes tax and if you’re starting a business it’s probably one of the least appealing aspects to running it. Ignore it and be disorganised at your peril!
Like in the Amazing Race, we have entered the last leg and it’s now time to focus on your taxation obligations otherwise the ATO may eliminate you.
According to the Tax Institute’s Robert Jeremenko, it’s in every business owners interests to stay up to speed on superannuation changes.
“Many people consider contributing greater amounts into superannuation before the end of the financial year to get the most out of their savings. If you do, it is crucial to make sure you don’t exceed the contributions caps under any circumstances.”
